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I agree with Corey's idea - I'd keep it separate if possible. The only issue may be dad's age - if he's close to retirement or retired already it will make things a bit trickier.

Yes, you can get around it, and if the OP has no intention of buying many more IP's it's probably not a big deal - it's just worth knowing in advance for planning, esp. if the OP is planning to do multiple deals with Dad, and wants to get into some big stuff down the track. Life is just...

Just be aware that having a joint loan will impact your borrowing ability down the track if you want to buy more IP's - you'll be liable for the whole debt, but only half the income so it will take a large toll on your servicing.